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Customary and reasonable fees - 90 days

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Non Sequitur,

I'm not going to argue with you, but if you honestly believe that 6 appraisers wrote the bill in March and it made it through the house and the senant into law without anybody else changing or adding anything I might make a flippent comment your way.



Here is from the bill, you can see who is going to interpert the rules and enforce them.

‘‘(g) RULES AND INTERPRETIVE GUIDELINES.—
‘‘(1) IN GENERAL.—Except as provided under paragraph
(2), the Board, the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, the National Credit Union
Administration Board, the Federal Housing Finance Agency,
and the Bureau may jointly issue rules, interpretive guidelines,
and general statements of policy with respect to acts or practices
that violate appraisal independence in the provision of
mortgage lending services for a consumer credit transaction
secured by the principal dwelling of the consumer and mortgage
brokerage services for such a transaction, within the meaning
of subsections (a), (b), (c), (d), (e), (f), (h), and (i).‘‘(2) I

NTERIM FINAL REGULATIONS.—The Board shall, for
purposes of this section, prescribe interim final regulations
no later than 90 days after the date of enactment of this
section defining with specificity acts or practices that violate

appraisal independence in the provision of mortgage lending
services for a consumer credit transaction secured by the principal
dwelling of the consumer or mortgage brokerage services
for such a transaction and defining any terms in this section
or such regulations. Rules prescribed by the Board under this
paragraph shall be deemed to be rules prescribed by the agencies
jointly under paragraph (1).

brokerage services for such a transaction.
‘‘(i) CUSTOMARY AND REASONABLE FEE.—
‘‘(1) IN GENERAL.—Lenders and their agents shall compensate
fee appraisers at a rate that is customary and reasonable
for appraisal services performed in the market area of
the property being appraised. Evidence for such fees may be
established by objective third-party information, such as
government agency fee schedules, academic studies, and independent
private sector surveys. Fee studies shall exclude
assignments ordered by known appraisal management companies.

(c) DEFERENCE.—Section 105 of the Truth in Lending Act (15
U.S.C. 1604) is amended by adding at the end the following:
‘‘(h) DEFERENCE.—Notwithstanding any power granted to any
Federal agency under this title, the deference that a court affords
to the Bureau with respect to a determination made by the Bureau
relating to the meaning or interpretation of any provision of this
title, other than section 129E or 129H, shall be applied as if the
Bureau were the only agency authorized to
 
Marion Rhodes said:
Non Sequitur,

I'm not going to argue with you, but if you honestly believe that 6 appraisers wrote the bill in March and it made it through the house and the senant into law without anybody else changing or adding anything I might make a flippent comment your way.
Click to expand...
I don't believe that, you're the one pushing the C&R victory celebration.


Here is from the bill, you can see who is going to interpert the rules and enforce them.

‘‘(g) RULES AND INTERPRETIVE GUIDELINES.—
‘‘(1) IN GENERAL.—Except as provided under paragraph
(2), the Board, the Comptroller of the Currency, the Federal
Deposit Insurance Corporation, the National Credit Union
Administration Board, the Federal Housing Finance Agency,
and the Bureau may jointly issue rules, interpretive guidelines,
and general statements of policy with respect to acts or practices
that violate appraisal independence in the provision of
mortgage lending services for a consumer credit transaction
secured by the principal dwelling of the consumer and mortgage
brokerage services for such a transaction, within the meaning
of subsections (a), (b), (c), (d), (e), (f), (h), and (i).‘‘(2) I

NTERIM FINAL REGULATIONS.—The Board shall, for
purposes of this section, prescribe interim final regulations
no later than 90 days after the date of enactment of this
section defining with specificity acts or practices that violate

appraisal independence in the provision of mortgage lending
services for a consumer credit transaction secured by the principal
dwelling of the consumer or mortgage brokerage services
for such a transaction and defining any terms in this section
or such regulations. Rules prescribed by the Board under this
paragraph shall be deemed to be rules prescribed by the agencies
jointly under paragraph (1).

brokerage services for such a transaction.
‘‘(i) CUSTOMARY AND REASONABLE FEE.—
‘‘(1) IN GENERAL.—Lenders and their agents shall compensate
fee appraisers at a rate that is customary and reasonable
for appraisal services performed in the market area of
the property being appraised. Evidence for such fees may be
established by objective third-party information, such as
government agency fee schedules, academic studies, and independent
private sector surveys. Fee studies shall exclude
assignments ordered by known appraisal management companies.

(c) DEFERENCE.—Section 105 of the Truth in Lending Act (15
U.S.C. 1604) is amended by adding at the end the following:
‘‘(h) DEFERENCE.—Notwithstanding any power granted to any
Federal agency under this title, the deference that a court affords
to the Bureau with respect to a determination made by the Bureau
relating to the meaning or interpretation of any provision of this
title, other than section 129E or 129H, shall be applied as if the
Bureau were the only agency authorized to
Click to expand...
The very definition of a one trick poney. You, and the other HR 4173 supporters, just REFUSE to address the major changes in the how and who regulates us.
 
The very definition of a one trick poney. You, and the other HR 4173 supporters, just REFUSE to address the major changes in the how and who regulates us.
Click to expand...

Okay,

Then please do discuss and post them here, because I'm too tired to read your mind and try and guess what specifically you would like to talk about.

And you are right, I am not leading the celebration, and it honestly does not affect me one way or the other. I'm trying to get somethings corrected, so if you would please post the list of what is on your mind, I will consider them in the work that I am doing, but as I said before, you can whine here on the forum, it proves nothing, please feel free to contract your legislatures to work to get it right.

The more the politicians hear from Independent Appraisers, the better off we will all be.

We, as an Industry, can no longer afford to hide in our little sand boxes incharge of our toys pretending the rest of the world doesn't affect us and the toys we are protectiing. For too long we have let those that are leeching from the rest of us be the ones that are representing us. Independent Appraisers need to have a voice and be heard. We all need to be in our legislature's ears, eyes, thoughts. For too long we have been ignored and scape goated.

So please if your angry, trust that you are not the only one. Share your thoughts so we can incorporate them.

Me
 
Marion Rhodes said:
Okay,
We, as an Industry, can no longer afford to hide in our little sand boxes incharge of our toys pretending the rest of the world doesn't affect us and the toys we are protectiing. For too long we have let those that are leeching from the rest of us be the ones that are representing us. Independent Appraisers need to have a voice and be heard. We all need to be in our legislature's ears, eyes, thoughts. For too long we have been ignored and scape goated.

So please if your angry, trust that you are not the only one. Share your thoughts so we can incorporate them.
Click to expand...
In real life, EVERY appraiser I have talked to is excited about this bill. They are still in shock that a bill that favors appraisers has actually passed.

Like I said, that is what I have found in real life, talking to real appraisers.

It is a celebration for everyone. This is what we have needed for a while.

No need for anger here. No one has yet pointed out a way that this will negatively effect appraisers. All there has been is speculation that there will be some mysterious way that AMC's will bypass this law.

No one has found it yet. Anger will not help anyone fix any holes in this law, and fortunately this law lets states fix any future problems with it.
 
...speculation that there will be some mysterious way that AMC's will bypass this law.
Click to expand...

AMC's don't need to bypass a law that is somewhat backwards. It's not the AMC's that need to be legislated into paying C&R Fees, it is the appraisers that will accept less than C&R that will keep them in business and preclude many appraisers from working for them. It's the American Way, undercut your competition and put them out of business.
 
Sulago said:
AMC's don't need to bypass a law that is somewhat backwards. It's not the AMC's that need to be legislated into paying C&R Fees, it is the appraisers that will accept less than C&R that will keep them in business and preclude many appraisers from working for them. It's the American Way, undercut your competition and put them out of business.
Click to expand...


I would agree with you pre-HVCC or if the HVCC was never thought of. AMCs controlled 40% of the business then, and appraisers were not controlled by a few AMCs. Appraisers had choices.

Post HVCC, and due to the HVCC, (this is very important) around 5 of the AMCs control around 80% of the business. We are now in a oligopoly or at least a "controlled" business environment. In my opinion, restrictive trade practices are at work.


Due to the limited business opportunity that the HVCC and the AMCs have led to, a customary and reasonable fee structure is needed.




"If a few is allowed to control the supply, they will control the workers and their wages and will set the fees, not the vendors" - restrictive trade or anti-competitive practices
 
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Marion Rhodes said:
Then please do discuss and post them here, because I'm too tired to read your mind and try and guess what specifically you would like to talk about.
Click to expand...
And here you go again pretending as if nothing else has been posted and the only thing HR 4173 says is a bunch of AMC appraisers will get a pay raise.
KenAZ said:
In real life, EVERY appraiser I have talked to is excited about this bill. They are still in shock that a bill that favors appraisers has actually passed.

Like I said, that is what I have found in real life, talking to real appraisers.

It is a celebration for everyone. This is what we have needed for a while.

No need for anger here. No one has yet pointed out a way that this will negatively effect appraisers. All there has been is speculation that there will be some mysterious way that AMC's will bypass this law.

No one has found it yet. Anger will not help anyone fix any holes in this law, and fortunately this law lets states fix any future problems with it.
Click to expand...
The next time you talk to a "real life" appraiser ask him/her if they know the law also directs the ASB to promulgate AVM regulations. Add to that the Appraisal Foundation recently formed a new Appraisal Practices board which has board members who advocate for new methods of valuation and we just may have licensed AVMs in the near future.

Try getting R&C when an AVM is your licensed competition.

Or ask them what they think the GAO report may look like, you know the one the new law directs the GAO to complete.

Ask them how they feel about the new powers granted to the ASC (higher registry fees, more regulation form Washington)?

Maybe talk about the new Bureau of Consumer Financial Protection and who will now set the deminimus.

My guess is you and your "real life" appraiser friends just walk around like zombies mumbling "reasonable and customay, reasonable and customary".
 
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